The Bank of New York and the Retirement Plan Services division of New York Life Investment Management LLC announced that they have formed a marketing alliance enabling The Bank of New York to offer bundled pension services to its mid- and large-size plan sponsor clients.
As a result of this marketing alliance, the firms will offer a cost-effective, bundled pension program that brings together The Bank of New York’s expertise in trust, custody, and risk management with DB Complete, NYLIM Retirement Plan Services’ bundled defined benefit platform. DB Complete draws together the services associated with managing a pension plan, such as actuarial, administration, investment management and plan education, via a single, seamless solution.
“This marketing alliance with NYLIM Retirement Plan Services allows The Bank of New York to introduce a comprehensive bundled pension solution to our plan sponsor clients,” said Patrick E. Curtin, Executive Vice President of Investor Services at The Bank of New York. “This expands the broad range of services that we can introduce to plan sponsors and provides a direct link to one of the finest retirement services offerings in the United States.”
“Combining The Bank of New York’s custody and distribution resources with NYLIM’s retirement plan expertise brings a best-in-class solution to The Bank’s plan sponsor clients,” said Barry Schub, Executive Vice President of NYLIM Retirement Plan Services.
Among the advantages of bundled pension services are cost savings for the plan sponsor and real-time benefit calculations. In addition, enhanced participant communication regarding the plans fosters heightened awareness of and appreciation for pension plans among participants. DB Complete enables integration of investment and actuarial disciplines for pension plan sponsors to make more informed, strategic decisions regarding their plan that factor in both asset- and liability-related considerations.